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Spring doubles revenue and profits in 1H2010; improved performance expected in second half

29-Jul-2010

China's most successful LCC, Spring Airlines, reported a doubling in revenue and profits in 1H2010, which the carrier attributes to “significantly” lower costs than its competitors. The carrier reported revenues of USD215.2 million in the six-month period, a 60% year-on-year increase, while profits surged 288.6% year-on-year to USD23.4 million. The carrier is gearing up for an IPO next year. [3035 words]

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Subheadings:

IPO plans on track to support massive fleet expansion

Needs “astronomical” amount of funding to support fleet growth

Chinese carriers present at Farnborough

Expand internationally to Japan, Korea next; Shenyang to become third base